Stocks mixed…Day 1 for New DuPont…FTD files for Chapter 11
NEW YORK (AP) – Stocks are mixed in afternoon trading on Wall Street as losses in some big-name internet companies weigh on the market. Both Google’s parent Alphabet and Amazon fell. Reports say both companies could face increased scrutiny from U.S. regulators. Bank of America Merrill Lynch lowered its earnings estimates for companies in the S&P, citing trade tensions.
DOWNERS GROVE, Ill. (AP) – The century old flower company FTD is filing for Chapter 11 bankruptcy protection following a rough Valentine’s Day and will break the business into pieces. Originally called the Florists Telegraph Delivery Association, FTD has failed to turn a profit in four years. The company said today that it’s selling its North America and Latin America florist and consumer business for $95 million.
UNDATED (AP) – Centene shares sank today after rival health insurer Humana took the rare step of refuting reports that it was interested in a deal. Humana said that it would not make a proposal to combine with Centene. Companies normally do not comment on potential deals, but, Humana Inc. said it made an exception due to “significant investor speculation and persistent market rumors.”
WILMINGTON, Del. (AP) – It’s a new day for one of America’s oldest companies. The DuPont company began making gunpowder more than two centuries ago. It’s now the ‘new’ DuPont, becoming an independent company again after completing the separation of its agriculture division through the spin-off of Corteva Inc. The spin-off was part of a corporate restructuring envisioned in DuPont’s 2015 merger with Dow Chemical.
SAN JOSE, Calif. (AP) – Apple opened its annual developers conference with another sneak peek at its upcoming Apple TV Plus video subscription by showing a snippet from a new show from Ron Moore called “For All Mankind”. Apple TV Plus was announced in March and is due out this fall. Oprah, Jason Momoa, Big Bird, Steven Spielberg and a host of other stars have also lent themselves to original Apple shows.